Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Dermatology Devices Market – Market Insights
Dermatology devices are expected to grow at a faster rate due to rising focus among the populace on esthetics. This has led to growing awareness about various types of aesthetic procedures used for treating hair and skin related disorders. Since women are larger consumers of skin and hair care treatments, they are considered as key revenue generators in the market. Growing prevalence of skin disorders due to unhealthy lifestyle and food habits. Psoriasis, acne, eczema, and skin lesions are some of the most commonly prevalent skin ailments. These factors are expected to drive growth of the global dermatology devices market.
Furthermore, the growing healthcare expenditure and rising disposable income is boosting demand for dermatology devices globally. According to the Organization of Economic Co-Operation and Development 2019 health statistics, in 2017 U.S. spent around 17.1% of its GDP on health, which was the highest compared to other countries.
The global dermatology devices market size is valued at US$ 4,546.2 million in 2019 and is expected to exhibit a CAGR of 7.6% over the forecast period (2019–2027).
Figure 1. Global Dermatology Devices Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2019)
Rising Incidence of skin disorders is expected to propel the market growth
Skin disease is one of the leading causes of the increasing global disease burden, affecting millions of people worldwide. Skin disorders include acne psoriasis, atopic dermatitis, and skin cancer.
According to the World Health Organization report 2018, skin diseases are among the most common of all human health afflictions and affect almost 900 million people in the world.
According to the American Academy of Dermatology 2018 report, acne is the most common skin condition in the U.S. affecting around 50 million peoples annually, which is expected to propel growth of the dermatology devices market.
The incidence of both non-melanoma and melanoma skin cancers has been increasing over the past decades. According to the World Health Organization’s 2018 health statistics, around 2 to 3 million cases of non-melanoma skin cancers, and 132,000 melanoma skin cancers occur globally each year. Moreover, according to the Skin Cancer Foundation Statistics 2019, one in every five Americans will develop skin cancer by the age of 70.
Moreover, the high cost of dermatological treatments is expected to restrain demand for these procedures. In addition to this, there are various side effects of dermatological treatments such as skin irritation, changes in pigmentation, and skin dryness. Thus it is the biggest challenge for market players which restrain market growth over the forecast period.
Figure 2. Global Dermatology Devices Market Share (%), by Product Type,
Source: Coherent Market Insights Analysis (2019)
Increasing number of cosmetic surgeries for enhancing appearance
Most invasive surgical procedures often leave behind scars and vascular lesions. Aging results in loss of hair, wrinkles, and skin deterioration. The last decade has witnessed an increasing number of minimally invasive procedures and rising inclination of people to undergo cosmetic procedures in order to enhance appearance.
According to the, American Society of Plastic surgeons (ASPS) have published new statistics which reveal that in 2018 around 18 million people underwent surgical and minimally invasive cosmetic procedures in the U.S.
Moreover, increasing body modification through getting a tattoo done is a rage across the globe and the trend transcends all boundaries of age, race, and gender. This is a factor which is expected to drive demand for dermatological devices. According to the survey by conducted by researchers from the Massachusetts General Hospital Dermatology Laser and Cosmetic Center, one in seven people wished they had never got a tattoo engraved on their skin.
There are several medical technology companies focusing on strategic mergers and acquisitions in order to expand their product portfolio. For instance in March 2017 Hologic, Inc. announced that they completed the acquisition of Cynosure, Inc., a medical aesthetics systems and technology company, for building strong product portfolio and innovative product launch.
Major players operating in the global dermatology devices market include Valeant Pharmaceuticals International Inc., Lumenis, Ltd., Hologic, Inc., Syneron Candela Ltd., Avita Medical Ltd., Alma Lasers, Ltd., Lutronics Corporation, Beijing Toplaser Technology Co. Ltd., Shanghai Fosun Pharmaceutical Group Co. Ltd., and Cutera, Inc.